GBPUSD Daily Analysis – May 23, 2018

GBPUSD remains in the downtrend from 1.4376, the bounce from 1.3390 is likely consolidation of the downtrend. As long as the price is below the falling trend line on the 4-hour chart, the downside movement could be expected to continue and next target would be at 1.3300 area. The key resistance is at 1.3617, only a breakout of this level could signal completion of the downtrend.

GBPUSD 4-hour chart